The Hartford Financial Services Group, Inc. (NYSE:HIG) Shares Bought by Truist Financial Corp

Truist Financial Corp grew its stake in The Hartford Financial Services Group, Inc. (NYSE:HIG) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 127,531 shares of the insurance provider’s stock after buying an additional 780 shares during the quarter. Truist Financial Corp’s holdings in The Hartford Financial Services Group were worth $12,822,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of The Hartford Financial Services Group by 26.2% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,119,863 shares of the insurance provider’s stock worth $491,915,000 after acquiring an additional 1,272,290 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of The Hartford Financial Services Group by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,809,358 shares of the insurance provider’s stock worth $584,177,000 after acquiring an additional 69,007 shares during the period. Northern Trust Corp grew its position in shares of The Hartford Financial Services Group by 0.5% during the fourth quarter. Northern Trust Corp now owns 3,381,943 shares of the insurance provider’s stock worth $271,841,000 after buying an additional 18,419 shares in the last quarter. Nordea Investment Management AB grew its holdings in The Hartford Financial Services Group by 7.9% during the 1st quarter. Nordea Investment Management AB now owns 3,191,914 shares of the insurance provider’s stock worth $328,320,000 after acquiring an additional 233,742 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of The Hartford Financial Services Group by 4.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,960 shares of the insurance provider’s stock worth $150,605,000 after acquiring an additional 70,018 shares in the last quarter. Institutional investors and hedge funds own 93.42% of the company’s stock.

The Hartford Financial Services Group Price Performance

Shares of NYSE HIG opened at $118.09 on Friday. The company has a fifty day moving average price of $113.35 and a 200 day moving average price of $105.15. The firm has a market cap of $34.93 billion, a PE ratio of 13.42, a PEG ratio of 0.94 and a beta of 0.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.28. The Hartford Financial Services Group, Inc. has a 1-year low of $68.92 and a 1-year high of $119.06.

The Hartford Financial Services Group (NYSE:HIG) last released its earnings results on Thursday, July 25th. The insurance provider reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.02 billion. The Hartford Financial Services Group had a net margin of 11.44% and a return on equity of 21.20%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 earnings per share. Research analysts predict that The Hartford Financial Services Group, Inc. will post 10.09 earnings per share for the current fiscal year.

The Hartford Financial Services Group declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.30 billion in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

The Hartford Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Shareholders of record on Tuesday, September 3rd were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.88 annualized dividend and a yield of 1.59%. The Hartford Financial Services Group’s dividend payout ratio is presently 21.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HIG. The Goldman Sachs Group upped their target price on shares of The Hartford Financial Services Group from $105.00 to $111.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Bank of America reaffirmed a “neutral” rating and issued a $121.00 target price (up previously from $113.00) on shares of The Hartford Financial Services Group in a research note on Friday. Citigroup cut The Hartford Financial Services Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $116.00 to $114.00 in a report on Friday, June 28th. Keefe, Bruyette & Woods boosted their price objective on shares of The Hartford Financial Services Group from $120.00 to $133.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Finally, Barclays assumed coverage on The Hartford Financial Services Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $130.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, The Hartford Financial Services Group currently has a consensus rating of “Moderate Buy” and an average price target of $115.47.

The Hartford Financial Services Group Company Profile

The Hartford Financial Services Group, Inc, together with its subsidiaries, provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally. Its Commercial Lines segment offers insurance coverages, including workers' compensation, property, automobile, general and professional liability, package business, umbrella, fidelity and surety, marine, livestock, accident, health, and reinsurance through regional offices, branches, sales and policyholder service centers, independent retail agents and brokers, wholesale agents, and reinsurance brokers.